The House Takes a Cut

SPEAKER_03 0:42

60s protest music there, sort of. Teach your children well, right?

CSNY and Mics

SPEAKER_03 0:48

It's no. It's not. I didn't even use in fact it doesn't sound like Crosby Stills National Music.

SPEAKER_02 0:53

Yes to me for some reason. Does it? Well, it's okay.

SPEAKER_03 0:55

Maybe it has that feel. But I was going for the 60s, 70s protest folk rock group, which is what CSNY was. Yeah. When you think about it, that's what they did. I mean, Ohio, wasn't that them? Yeah. For dead in anyway. I always loved them though. I loved their harmonies. Loved their harmonies. Fantastic. Yeah. In fact, I listened to them just recently on my my AirPods Macs.

SPEAKER_02 1:19

I had those on my Do you do that when you lay in bed, or do you just walk in the house with it?

SPEAKER_03 1:23

Sometimes that my daughter does that, walks around the house. I'll be, hey, what about my daughter lives under her AirPods Macs. Lives under them 24-7. Wow. Always has them on. Every time she FaceTimes me, it's like headphones because she's using the mic on the AirPods. She loves it. She loves, she's always in her music.

SPEAKER_02 1:41

You've got to that's something you need to fix for me. I my now my computer when I do um these Zoom meetings and the like, the the the microphone's horrible. Sounds all what are you wearing?

SPEAKER_03 1:52

What are you talking about? What are you doing to no? I don't you're wearing, yeah, your little Santa Clara clothes. What what uh what what are you using for the for the meeting? The computer mic? Yeah. Torrible.

SPEAKER_02 2:04

Well yeah, dude, you have a mic right there. No, that's not in my office, though. That's down the hall.

SPEAKER_03 2:10

You have two of those.

SPEAKER_02 2:11

One's in the home and one's one's in the home studio and one's in the office.

SPEAKER_03 2:15

Let me tell you, all it takes is picking it up from the studio next door. Into your office, it's next door.

SPEAKER_02 2:23

I got a torn rotator cuff on my right shoulder. It weighs 2.3 ounces. I know. That's the problem. You can't anything over the head. Okay. Buy another one then. Okay. Send me another one, would you please? I appreciate it.

SPEAKER_03 2:34

I'm not. No, because then I have to do all the accounting.

SPEAKER_02 2:37

You know, when you sound when you do this, you sound kind of grumpy. I'm just putting it up.

SPEAKER_03 2:40

I am. You make me buy stuff for you. Come on, man. He doesn't. The dude doesn't even know how to use Amazon.

SPEAKER_02 2:48

Now, this is sad. Okay, that that we all know is not true. If there's one place I do spend money, it would be a good one.

SPEAKER_03 2:54

Well then buy a buy a mic. Okay. You're looking right at it. Can you see what the brand is? What does it say?

SPEAKER_02 3:00

Uh some Austrian thing. Austrian audio. Isn't there an American-made microphone I can use instead?

SPEAKER_03 3:06

No. It has to be this. No, I I don't I don't even know if that's made in Germany. It's probably just designed in Germany and made in China.

SPEAKER_02 3:12

Just so you know, it's a different place than Germany.

SPEAKER_03 3:14

I'm sorry. Austria. It's well, it used to be once the same.

SPEAKER_02 3:18

I'm gonna let you say that because they're not gonna be very happy to hear it. I'll put it that way.

SPEAKER_03 3:23

Sorry.

SPEAKER_02 3:24

On Schloss' breath, they're not gonna love you for that.

SPEAKER_03 3:26

So now that's really curious. Hey, can yeah, you do am I at the bottom of your screen or at the top?

SPEAKER_02 3:31

You're right in the middle.

SPEAKER_03 3:33

No, no. Okay. Are you above me or below me? Oh, you were side by screen.

SPEAKER_02 3:36

I'm way above I'm way above you. It's so funny.

SPEAKER_03 3:39

Your mic cable actually connects to my mic cable on the two screens. It makes it look like it's one.

SPEAKER_02 3:44

Okay, that's just getting weird now. All the other things. Let's not.

Private Equity Tax Hit

SPEAKER_03 3:49

Oh, we got to talk about the topic.

SPEAKER_02 3:50

There's that.

SPEAKER_03 3:51

Here's the topic today.

SPEAKER_02 3:52

This is why we should never record a show on Saturday. I'm just not saying that.

SPEAKER_03 3:55

They'll promise you anything to get your money. That really is the theme of Wall Street. It is the theme of Wall Street. It's the theme of banks and insurance companies. They will promise you anything to get your money. And lately, we've talked about this before. Private equity products have been hot. A lot of money pouring into them, primarily because of their popularity with college endowments several years ago. Everybody said, Oh, well, if they're doing it, we should be doing it. And while they've posted decent returns, I mean, they in average they haven't been. Not crazy, I just said decent. Pretty stock market decent, pretty close. Yep. Somebody forgot to mention the downsides, of which there are many.

SPEAKER_02 4:41

There are many. There's a lack of liquidity, there's generally the higher cost, all those things. But the part that this piece makes clear is your partner with all these, not less the partner running the investments. We're talking about the government, the federal government of the great United States of America. Oh, you mean taxes?

SPEAKER_03 4:58

Yeah. Yeah, this is from a piece from the Wall Street Journal recently by Jason Zweig, our bud. Yep. And uh Jason um kind of breaks down the numbers and says, these may look good on a gross return basis, but net returns?

SPEAKER_02 5:15

And think it through. It makes sense, right? Because these are products that have generally high turnover, right? They buy something, they sell something, right? There's a cost.

SPEAKER_03 5:23

They don't want to, they don't want to keep them in their portfolio. They're flipping.

SPEAKER_02 5:26

They're they have short-term gains, therefore. So that's even spendier. And then for the the the firms that they do buy that that turn out great, there's you know big taxes on those, right? So so he went and looked at a couple of studies, actual studies of how these products do after tax, right? And you mentioned something very important, by the way, that colleges and other institutions have been investing in these kinds of things for a long time. So they can look back and say, what have the returns been? Um, so they have a simulated endowment portfolio, the last 10 years ending at the end of March, that they say uh 8.6% pre-tax return annually. But after tax.

SPEAKER_03 6:06

Wait, pre-tax, that's your gross return.

SPEAKER_02 6:08

That's your gross return. Yeah.

SPEAKER_03 6:09

Right. After fees.

SPEAKER_02 6:10

Yeah, after tax. That's the 8.6, I imagine, is after fees.

SPEAKER_03 6:15

Yeah, that's after fees, but before tax.

SPEAKER_02 6:16

Before tax. After tax, 6.6% a year.

SPEAKER_03 6:22

Wow.

SPEAKER_02 6:23

That's quite a hit.

SPEAKER_03 6:24

That's a pretty substantial like 20% reduction.

SPEAKER_02 6:28

It is. Um, and by the way, to one thing, I don't love the product anyway. I don't want private credit, I don't want private real estate venture capital, I don't want any of that stuff. But most of this is now being pitched in your retirement plan. So you wouldn't face this issue, right, in your retirement plan per se, because that's growing tax deferred or tax free. Right. Yeah. So but this is a product you're just never going to want in a taxable account that's being sold. The number was astounding from this article. There's a there's a group that studies how people are investing their money, the actual dollars that go in. They believe alternative investments of two trillion dollars will be sold in the next five years. Two trillion dollars in the next five years. But it's just another reason you should never have them in your taxable account. But study number two shows in a hundred-year period. I don't know how they come up with a hundred years of looking at all this, but they did.

SPEAKER_03 7:14

They have a hundred years of data on private equity, I guess they would. Yeah, sure. There there have been deals going on for thousands of years. Sure.

SPEAKER_02 7:22

10.5% a year. Sound a lot like the stock market publicly transformed.

SPEAKER_03 7:25

Almost identical.

SPEAKER_02 7:27

Where you can get your money every day. But after tax, 7%. 10.5% gross, 7%.

SPEAKER_03 7:34

30 plus percent reduction there.

SPEAKER_02 7:35

Yeah. I mean, remember, you're gonna pay taxes on interest, you're gonna pay taxes on capital gains, you're gonna pay taxes on distribution, all those things that make it very tax inefficient.

SPEAKER_03 7:44

But how does that compare, though, with like owning stock funds that you're gonna have to pay taxes on dividends, and you're gonna have to pay taxes on capital gains when you sell. That's right. So you're still gonna pay taxes, right?

SPEAKER_02 7:57

You're still gonna pay taxes. Um, it ends out, according to Jason, two index funds plus a municipal bond fund in the uh last ten years, the return has been uh almost identical. Okay, almost identical.

SPEAKER_03 8:10

Yeah, so they match the private equity with less risk.

SPEAKER_02 8:13

Well, I was getting to that. Way less risk. Wait, wait, wait, wait, wait. Not even on the same same spectrum.

SPEAKER_03 8:19

Because those are does he have how they end up after taxes?

SPEAKER_02 8:22

It says same after tax return.

SPEAKER_03 8:24

Same after sex, yeah, because you're gonna pay taxes one way or the other.

SPEAKER_02 8:27

Yeah, for sure. Yeah, it's just that these are horribly tax inefficient in the world. Correct. Yeah, right. The the all the stuff they're paying out, as I already mentioned. So again, this is just another reason again that I uh I know I know you're gonna be tempted. I know just what you just said at the beginning.

SPEAKER_03 8:45

Well, because we're getting questions on these things all the time. The ones that are advertised on you know TV and the radio and uh these really dangerous real estate deals and debt deals. Uh, you know, there was one, I can't remember what the name of it was. I just did it in a podcast that I recorded. Uh, it was all defaulted student loans.

SPEAKER_02 9:06

Oh, yeah.

SPEAKER_03 9:07

Let's throw my money at that.

SPEAKER_02 9:08

Sure. All defaulted. Are you kidding me? Really? Seriously.

SPEAKER_03 9:12

They're buying them up, buying them up for whatever, yeah. Right. And then here's and then hoping that they manage to get these deadbeats to pay up, which they won't. So you get to go door to door and say I guess.

SPEAKER_02 9:24

Uh so um this to me is just another reason this is a product that should be ignored. If you didn't already ignore it, you should ignore it now.

SPEAKER_03 9:33

I'm gonna put so many nails in the coffin of private equity, and yet people keep buying the stuff. Yeah, they do. Because it is not, as a matter of fact, it's not it's not even really your fault. These things are not bought, they are sold. They are pitched, they are pushed hard by commissioned salespeople, by advertisements. They're they're gonna tell you things that sound so enticing. They're promising you these 10, 11, and 12, 13, 15 percent returns that can't be sustainable and certainly can't be low risk. So uh these are just best avoided. Now I have to ask Tom a question.

SPEAKER_02 10:12

No, no questions. Do you want your asking? Do you want your jingle theme? I don't like that old jingle theme. I get up, I play it every morning now. Your little QA theme because it has your name in it. Yeah, it makes me feel very special.

SPEAKER_03 10:24

Does it make you feel special? So you want me to play the QA theme? I'll tell you what, I'm gonna surprise you with a new one.

SPEAKER_01 10:31

Tom's got your letters, he'll read them out loud, and your questions get answered right

Stock Market Misconceptions

SPEAKER_01 10:37

now.

SPEAKER_02 10:38

Great questions. Okay, we get a lot of them here. So, and this one's kind of an unusual one, Don.

SPEAKER_03 10:42

Oh, good, I guess.

SPEAKER_02 10:44

It's more of a comment, they want a comment from us. Nate from Indianapolis uh provided a poll that was done by a very well-known polling outfit called Harris, and then the results were published by The Guardian.

SPEAKER_03 10:58

Yeah, it was done for The Guardian, right?

SPEAKER_02 11:01

Yes, done for The Guardian by Harris, which a poll polling company been around for gosh, I don't know, 70 years, eight, a long time. Uh, and the headline is the part that the that I think that Nate wants us to respond to, which is two in five Americans. Two in five, right? That sounds like forty percent. Good math. Is it forty percent more powerful number than two in five? Two. I think it is personally. But anyway, okay. Uh believe the stock market only benefits the top one percent.

SPEAKER_03 11:33

That's what the question says. Only benefits the top one percent. So 40 percent think there is no benefit to investing in the stock market.

SPEAKER_02 11:44

Well, and part of that has to do with you know the who owns the who owns it. Uh they they point out that half of the stock market, half fifty percent is owned by the top one percent, while the bottom fifty percent of wealth only owns one percent of the market.

SPEAKER_03 11:59

Okay, that makes sense though, because the top one percent control a lot of money. I mean, they're rich. I mean, the top one percent has about twenty-seven trillion dollars in stocks. Well, Elon Musk alone is worth one trillion of that twenty-seven trillion. So there's some serious wealth concentration, and they invest in stocks because stocks Why do you think the one percent invest in stocks?

SPEAKER_02 12:30

They want to make money with their money that they're not. Right.

SPEAKER_03 12:33

They believe, no okay, this is w how this the the the results the the the folks who are taking this poll are just foolishly counterintuitive. They're saying it only benefits the top one percent because they have all the money in the in the stocks. Well, why they believe that the stock market is one of the best places to make money on your money and they're rich. Huh. You're poor. And you're not gonna be able to do that. And you know better than they do? Yeah. No, okay. Oh, and here's the one that gets me though. Please. Oh, this one really bugs me. I mean, okay, I get that they don't they don't understand the stock market, all that.

SPEAKER_02 13:14

Boy, that was a I don't even want to go there because that is harsh.

SPEAKER_03 13:18

But here's the thing one-third of everybody in the country, this is all adults, including us old people, folks. One third believe they could make more money gambling than by investing in the stock market. So they must be great poker players, they know how to hire. That's 46% of millennials. Almost half of millennials think gambling is better than investing, and 44% of Gen Z. Wow. What did we do as parents to mess you guys up mentally? You're not even using your legs, you're not using the brain, your brain at all, apparently. You've the TikTok has sucked all the gray matter out from your eyes.

SPEAKER_02 14:05

What is wrong with you? That's um and let's we maybe we do a show on investing versus gambling again. We've got to talk about the key differences, but I mean the fact that the fact that one third more than a third That's that that's a shocking number. Maybe we're gonna buy lottery tickets. I mean, forty percent. By the way, um what the takeaway I think should be what you just said, because I think what Nate is saying, well, should we be investing because it only makes the rich richer?

SPEAKER_03 14:36

No, it makes the poor richer.

SPEAKER_02 14:38

Yeah. If you can save and you can invest in stocks the right way, not gambling, then you're generating wealth for you and your family and others that may survive you.

SPEAKER_03 14:51

So the poll is I find it's a better use your brain, use math, use a calculator, use your capability to research on the internet. You guys know how to use the internet, right? Apparently you do. Go do some research and tell me what the average annual return is for uh any casino game or lotteries or anything else that is, you know, cultivat or whatever the heck it is. Right. Tell me what the average annual return is for that versus the average annual return over a hundred years for stocks. Go look that up. Oh, wait, you don't have to. The average annual return for gambling is negative. Negative. Always negative. The average annual return for buying the stock market has been over the past 100 years about 10% per year before taxes.

SPEAKER_02 15:47

When you gamble, the odds are against you. When you invest properly, the odds are in your favor. No question. It's a fact.

SPEAKER_03 15:57

How can you deny a fact? Absolute mathematical fact just because you believe something does not make it right.

SPEAKER_02 16:05

The question is where they would be getting that belief that stocks don't make you money.

SPEAKER_03 16:10

It's gotta be from that thing that sucked their brains out through their eyes.

unknown 16:14

Okay.

SPEAKER_03 16:14

That's social media idiocy. I I've heard some stupid things on social media about investing. And uh I I I guess.

SPEAKER_02 16:23

Maybe we should do another show on that. Maybe we should go to Insta and look around and see what people are saying today.

SPEAKER_03 16:28

My daughter once in a while sends me something. It's like just because they're your peers doesn't mean mean they're smart.

Retirement Account Order

SPEAKER_02 16:35

Hayward, Wisconsin, Nick writes, Hi Don and Tom, my question is if I have savings in Roth and regular, I'm assuming he means traditional retirement accounts, at what point should I start concentrating and putting money into a taxable brokerage account? Should this be a priority, or should a saver simply try to max their tax-favored retirement accounts first and move on to brokerage when those have been maxed? Should the goal be to have a third in each type of account when retirement begins, or is there some other way of looking at this? Thank you for keeping up the good work.

SPEAKER_03 17:07

Max the tax advantage. Max the tax advantage.

SPEAKER_02 17:11

Yep.

SPEAKER_03 17:11

If you haven't, uh let's start at the very beginning. Max your match. Always invest up to the match. Some might say save up to the match. Save up to the match. Make sure you get all the free money you can. If somebody was walking down the street handing out hundred dollar bills, would you say, I don't think I'm gonna take one? No. Your your company's giving you free money, take it. Then max out your Roth while you're not making high dollar amounts generally, then max out the traditional stuff, then start going to the taxable stuff.

SPEAKER_02 17:51

Yeah, I would say, however, still on back to your starting place, get the match, but if you can do beyond that, oh, take more all the way. Go, you know, which is I forget the totals now. 33,500 for people over the age of 50, 24,000, something like that. It's a lot of things.

SPEAKER_03 18:09

And then go for the 7,500 in Roth's and you know, and 8,600 if you're over the age of 50.

SPEAKER_02 18:14

So yeah, you should be doing all that first, then would be brokerage. Is it great if you get to retirement and you have money in all three places? Sure. Is it that important? No. I think it's okay either way.

SPEAKER_03 18:25

Yeah. Um you know, I just I want to admit something to uh all of our lovely listeners out there. I just realized something. You're sounding kind of grumpy today. Going I was gonna say, going back to the last question about the polls. Yeah, yeah, I I I I did sound grumpy.

SPEAKER_02 18:41

You sounded kind of uh sound old. I was curmudgingly. Yeah. Uh-huh. I was. And by the way, we should be on that point. We should be jumping up and down, yelling and screaming, waving our arms, setting off fireworks, because that is what what the what happens with that if if people truly do believe, which apparently they do, is it's costing them their future. It's costing them their retirement, it's costing them thousands, hundreds of whatever number you want to put on it. There's no question.

SPEAKER_03 19:10

Expensive. They're sentencing themselves to a life of near poverty from their stupidity.

SPEAKER_02 19:18

For sure, poverty, because if you're out gambling, we already said the net net result is negative. Are there a few people that make some money? Sure. But the most, no, they lose for whatever bet they make. So you're you're I the stridency, sure. It's it's legit in this case. Sometimes you get worked up for things that shouldn't be worked up, but I was very worked up over

International Bonds Question

SPEAKER_02 19:38

this stuff.

SPEAKER_03 19:39

I was. Got any more questions?

SPEAKER_02 19:41

I got a couple more. Yeah. Uh from G. G, in Kaysville, Utah. If you had a simple three fund portfolio of U.S. stocks, foreign stocks, and bonds, at what point would you consider adding international bonds?

SPEAKER_03 19:59

I wouldn't. Wouldn't be a big rush. I mean, in a very large, sophisticated portfolio, there are some teeny teeny weentsy potential tiny diversification advantages, currency diversification and things like that. But they are so minuscule in bonds. In our portfolios, we do them. Wait, yeah, but that's that's that's a fun a portfolio with 10 funds in it or more.

SPEAKER_02 20:23

Yeah. It takes time, it takes work.

SPEAKER_03 20:25

But if you have a three-fund portfolio, the the you're serving all the really useful purposes. You've got your U.S. growth covered, you've got your international growth covered because those markets definitely don't move in lockstep, and they can be dramatically different from each other. And then you've got the bonds for stability. You don't actually gain much stability, much add you don't gain addition much additional stability from internationals. It's so small as to make it not worth the trouble.

SPEAKER_02 20:55

And the higher fees generally. Yeah, and you so you could do BND and BNDX, I believe, if you had.

SPEAKER_03 21:00

I wanted, but I wouldn't do BNDX. Okay. I mean, I don't do BNDX in my own portfolio. I do not do it.

SPEAKER_02 21:08

I don't see the point. Okay. Again, small amount, not a big deal. I think that's legit.

Paying 529 Tuition

SPEAKER_02 21:14

Sutton Valley, California, Gregory writes. When is the time to pay for qualified college expenses with a $529? I'm the owner, daughter is the beneficiary. Is it better to have the $529 pay the school, me, or my daughter? Thanks, love the show more. Dad jokes and anti-crypto warnings. P.S. Is there a way to get a signed copy of the line uncrossed?

SPEAKER_03 21:36

Huh. How would I say that?

SPEAKER_02 21:37

He's saying should should the money come directly from the $529 to him and then he pays, blah, blah, blah. No, in today's world, it just goes right from the five twenty nine to the institution. Very easy. I think it has to. No, it doesn't have to, I don't believe, but but it makes the sense. Are you sh okay? I think you could get the money and then turn around and write a check to the institution. Okay. Um In today's world, as a guy who's just starting to pay that bill again, uh it's very simple. And it's all available, of course, online. And all the people know the people who know the people, so you can send it from XYZ 529 to XYZ Institution and then keep sending and send a more, and maybe send a little more after that if you can. That'd be great.

SPEAKER_03 22:24

Yeah. Um yeah, you're still but you as an individual are gonna get the 1099 thingy mabob or something.

SPEAKER_02 22:31

Uh it's better to it's better to do direct institution to institution for sure.

SPEAKER_03 22:35

Yeah, okay. Uh but but the question about signing the book, I'm trying to figure out how to do that. Yeah. It involves a lot of postage and things.

SPEAKER_02 22:46

Well, here's what we could do it. Um I have still some books. We're gonna give out some more books at our client events.

SPEAKER_03 22:51

You're gonna forge my signature? No, I am not gonna do that.

SPEAKER_02 22:55

Not anymore. Not because your signature is really not worth anything. When back in the day when it was, then sure, I'd sign everything like crazy.

SPEAKER_03 23:01

I am just trying to figure out how to make that happen. You know, it's funny, one of the ways I've seen people do that, authors, is they sign little um little sticky things. I can't remember what they're called. They go inside the the cover of the book and it's got the author's signature on it, and then they stick it in the book. Um I guess not nearly as cool.

SPEAKER_02 23:21

To Bob from Don. Yeah, I know. Thanks for reading.

SPEAKER_03 23:24

You know, I'm trying to think about how to do it.

SPEAKER_02 23:26

I can't they could come to your house. No. They can come to meet you at Chick-fil-A. You could have a signing at Chick-fil-A. Where where that person was from California, Tom. Yeah, I d that's okay. They got planes and cars and all kinds of stuff.

SPEAKER_03 23:42

Oh, yeah, that's certainly worth it to save ten dollars in postage.

SPEAKER_02 23:47

It's a major attraction, it's right next to your house.

SPEAKER_03 23:49

They're in California, they have Disneyland. Oh, yeah, which no quite no question. I prefer.

SPEAKER_02 23:53

But um, why do you prefer Disney? It's smaller. Because I'm a West Coast guy.

SPEAKER_03 23:57

You are really strange.

SPEAKER_02 24:00

Uh okay, so no, thank you for asking, but no.

SPEAKER_03 24:03

I can't figure out how to do it.

SPEAKER_02 24:04

I'm sorry. Uh yeah, there really is no way. Until Don has a book signing. Well, okay, here's a way.

SPEAKER_03 24:10

What?

SPEAKER_02 24:11

If it happens, retire meet 2027. If it happens, you could do one there.

SPEAKER_03 24:16

If we have a retirement, you're you're right. I could I could do a book signing there. That's true. Okay. So we could do that. So stay tuned. Stay tuned. But then you still have to fly up from California.

SPEAKER_02 24:24

So there's people already coming that want to come from Mississippi. I guess.

SPEAKER_03 24:30

All right, here's what I'm gonna do. Let me think about this for a minute. Because here's what I'm thinking. I do have a way to sell books myself directly. Um and I could have them come to me. You could buy the book from me, and I could mail it to you. Yeah.

SPEAKER_02 24:54

Pandora, your box has been opened. Good luck.

SPEAKER_03 24:57

Let me think about this. You now here's what you have to do. You have to continue always listening to the podcast. Every show because you never know. Damn. I just made audience the audience stickier than ever before.

SPEAKER_02 25:09

Or or or repelled them very quickly. Or repelled them.

Closing Thoughts

SPEAKER_03 25:13

Uh well, I think that does it for another exciting episode of the uh Talking Real Money podcast. Thanks for being a part of it. Keep sending in those questions at talkingrealmoney.com. If you actually like to use your voice, just click the microphone button in the lower right corner. If you want to type, I don't know why you want to type, but if you want to type.

SPEAKER_02 25:37

Was it yesterday? Show that aired the last day of July.

SPEAKER_03 25:40

It was the show that aired the last day of July.

SPEAKER_02 25:43

The guy's comments were just spot on. He just nailed it. It's really, really, really good.

SPEAKER_03 25:48

Tom loves it when I get criticized. He hates it when he gets criticized.

SPEAKER_02 25:51

Hates it. I'm a referee. So what can you say?

SPEAKER_03 25:53

Hates it. Can't take it. You know, when he's a referee, he can hand out red cards to people. No red cards in talking real money world. No. I would hand one out to that listener. Anyway, uh, send in your questions. Talkingrealmoney.com. If you want to meet with a uh an appella advisor, fiduciary advisor, and you don't want to pay anything, you just need some questions answered, or you want somebody to take a pretty good look at your portfolio that probably hasn't been done in ages. Go to talkingrealmoney.com, click on the button that says meet an advisor, set up an appointment. No sales pitch, no cost, no obligation, no stuff. It's just comfortable information. Thanks for listening. We really do appreciate you. And remember, we are here almost every darn day. TalkingRailMoney.

SPEAKER_00 26:39

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